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Updated 5 days ago on . Most recent reply

User Stats

29
Posts
14
Votes
Alex Longinidis
  • New to Real Estate
  • Fairhaven, MA
14
Votes |
29
Posts

New Bedford, MA House Hack with 203k?

Alex Longinidis
  • New to Real Estate
  • Fairhaven, MA
Posted

TLDR;  Looking for someone who knows the area and 203k process to help me get clear on my rent estimates in New Bedford, and to help advise me as to whether or not I have a good deal.

This is probably going to turn into more of a brain dump than anything but I'm looking for some help getting clarity on my path.

First things first, I'm currently pre-approved for a 203k loan up to $450K in the South Coast of MA, currently looking for what will be a house hack in New Bedford & Wareham since they seem to be the only areas in my search box that consistently have multifamilys.  I know this may not be a great time to buy, but I also know that opportunities are everywhere so I've been keeping a close eye on the market and waiting patiently.  Things seem to be slowing down based on my assessment of what I'm seeing on sites like Redfin, and I feel like I'm getting closer to finding a deal.  

I've found a property that I see a lot of upside potential in, I'm not certain on the accuracy of my numbers but I know deep down that this property could be a great deal if acquired for the right price. I just need some help getting my numbers dialed in to make a final assessment. I'm having a little trouble pinpointing rent estimates (have been using the HUD Fair Market Rent tool) and rehab costs. Since I don't have cash to fund the whole deal I'm planning to do a 203k to get the property liveable, then take it from there, which I've heard can be a long process with a lot of red tape.

I'd hate to let the deal slip, so I'm just looking for someone with experience to give me some guidance and input.  I can absolutely share my calculations if needed.

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